Dr Liu is a lecturer in finance at Swansea University in Wales, UK. He has a great interest in the research and application of ancient Chinese governing principles in the modern world. His interest in ancient Chinese governing philosophy began when he witnessed the financial crisis as a former banker and grew stronger during his later research career in corporate governance.


Dr Liu went to Bristol University where he gained a PHD in finance.

Your Lecturer

Dr Xicheng Liu

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Economic Governing Principles of Traditional Chinese Philosophy 


The Life of Confucius

1.1 Historic background

1.2 Devotion in education & political life

1.3 Universal love

The Fundamental Concept of Confucius

1.4 The three stages

1.6 The principle of love

1.5 Human relation and moral constants

1.7 The principle of reciprocity


What Is Economics

2.1 Economics and other sciences

2.2 Government objectives

Economics & Sociology

2.3 The origin of society

2.4 Confucius' sociology teaching

      * Principle of universal equality

      * Principle of individual responsibility


Economics as the Basis of Politics

3.1 Ancient governmental departments; Governance through economic and HR management

Politics Promotes Economic Life

3.2 Politics promotes economic life

Principles of Government

3.3 Keeping the rulers in check

3.4 Sovereign power belongs to the people

3.5 Discussion on the government system

3.6 The school system

3.7 Educational election



Economics as the Basis of Ethics

4.1 Etymological explanation of benevolent and righteousness

4.2 Ethical vs economic standards

Harmony Between Economics & Ethics

4.3 The real profit is righteousness

4.4 Why is righteousness more important than profit?

4.5 Conflict between individual profit and righteousness

4.6 Choice between economic life & ethical life


Government Regulation

5.1 Reason of regulation - Natural selection

5.2 Reason of regulation - Human habit

5.3 Aims of the government

5.4. Rule of government conduct & government economic intervention

Laissez-Faire Policy Under Confucianism

5.5 Theory & origin (from observing natural production)

5.6 Distributive inequality caused by free competition


Human Wants

6.1 Sages' work & Human desire

Doctrine of Rites

6.2 Satisfaction of wants

6.3 Desirable consumptions

6.4 Moral regulation of wants

6.5 Social regulation of wants - The ethical rationale of consumption rules

6.6 Social regulation of wants - The social rationale of consumption rules

6.7 Social regulation of wants - The financial conditions as regulation of wants

Happiness of the Rich

7.1 Happiness of the rich

Happiness of the Poor

7.2 Personal pride& the correct view towards material and fake honour

7.3 Virtue is highest honour, not wealth or ranks

7.4 Pleasure in truth



Happy Medium between Parsimony & Extravagance

8.1 Too much or too little of consumptions; self vs social spending

Evil of Luxury & Extravagance

8.2 Good & Bad examples and consequence

8.3 Luxury life is allowed with a condition

Evil of Parsimony

8.4 Evil of parsimony

8.5 Some final thoughts


Factors of Production

9.1 Factors of production

Importance of Population

9.2 Sages' attitude towards population statistics

Population & Land

9.3 Government population management

9.4 Internal migration flow and land utility

Migration of Population

9.5 Freedom of movement

9.6 Essence of immigration

9.7 Encouragement of immigration of artisans and merchants



10.1 The five elements

10.2 Six treasuries, three businesses, nine services of government

10.3 "Regulating" natural resources

10.4 Conservation of natural resources

Capital & Saving

10.5 Capital and wealth

10.6 Grain as capital in consumption smoothening

10.7 Importance of saving and abstinence


The Four Groups of People

11.1 Division of labour

11.2 Static labour theory

11.3 Freedom of occupation

The Necessity, Justice & Honour of Work

11.4 Necessary to work (A)

11.5 Necessary to work (B)

11.6 Honourable to work


Division of Industry

12.1 Governmental sectors of industry

12.2 Society-driven evolution of industries

Position of Artisans

12.3 Position of artisans

Hereditary & Specialisation

12.4 Specialisation system

12.5 Essence of specialised learning


Importance of Merchants

13.1 Importance of merchants

Value & Price

13.2 Principle of governance - provision of necessity

13.3 Determinant of prices

Commercial Regulations

13.4 Rule of the market place (A)

13.5 Rule of the market place (B); Pricing policy

International Trade

13.6 Policies to attract foreigners & the benefit of international trade

13.7 Principle of free trade

About Distribution

14.1 Some facts & data

14.2 Why is equality important?

Distribution According to the Principle of Contribution

14.3 Wealth based on productivity & contribution

14.4 Justification of equality – harmony & peace

Distribution According to Need

14.5 The nature of wealth

14.6 Importance of satisfying basic need


Origin of Wages - Concepts of Substitution

15.1 Origin of wages

The Productivity Theory

15.2 Wage justice to attract workers

15.3 Principle of division of labour

Standard & Scale of Wages

15.4 Real wages

15.5 Scale of wages

Education as a Solution of the Wages Problem

15.6 People are differentiated by education

15.7 Education, wealth, and human standard